Protecting Your Real Estate Legacy: Commercial Property in Your Estate Plan
If you own commercial property, you’ve likely spent years building and managing your real estate investments. I’ve guided many property owners through the complex process of including these valuable assets in their estate plans. The truth is that passing down commercial property requires much more careful consideration than transferring a family home. Why Commercial Property […]
Creating Estate Plans for Hospitalized Loved Ones
I often receive urgent calls from families with loved ones in the hospital. They’re concerned about getting legal documents in place quickly, especially if their loved one’s condition might deteriorate. It’s a delicate situation that requires immediate attention, but many wonder how to proceed when their family member can’t come to an attorney’s office. Understanding […]
Estate Planning Red Flags: Common Parental Missteps
I’ve seen firsthand the consequences of inadequate estate planning. Many parents overlook crucial aspects of securing their family’s future regardless of age. Whether you’re a new parent, think you’re too young for estate planning or haven’t updated your documents in years, this post is for you. Let’s explore some common estate planning mistakes and how to […]
What Is The Difference Between A Revocable And Irrevocable Trust?
Understanding the tools available for managing your estate is crucial when planning for the future. Two common tools in estate planning are revocable and irrevocable trusts. Both types of trusts help individuals manage their assets during their lifetimes and provide for the distribution of these assets after death. However, each type of trust serves different […]
The Election Won’t Change the Government’s Plan for Your Family and Assets… You Need an Estate Plan!
As we round out another election season, focusing on how government policies might affect our families and finances is natural. However, as any experienced estate planning lawyer will tell you, a crucial aspect of your family’s future remains constant regardless of who’s in office: the need for a personalized estate plan. The Government’s Default Plan Here’s […]
Understanding the New Inherited IRA Rules
Inheriting an IRA can be a significant financial event, and recent changes to the IRS rules make it crucial for beneficiaries to understand their obligations. These new regulations could significantly impact your inheritance in New York or elsewhere. I’ll explain the fundamental changes and how they could affect your financial planning. The 10-Year Rule: A […]
What is a Step-Up in Basis?
A step-up in basis may be one of an estate planner’s best tools. To truly understand how beneficial this tool is, it’s essential to first grasp the concept of basis. In simple terms, basis refers to what you initially paid for an asset. On the other hand, the amount realized refers to what you sell […]
Protecting Your Home (and Your Heart) in Later-Life Marriages
Finding love later in life is a beautiful thing. But sometimes, the realities of life and past decisions can throw a wrench into the fairy tale. A common scenario I encounter as a New York estate lawyer involves couples where one spouse moves into a home owned by the other’s adult children. It’s a situation […]
Protecting Your Children When You’re Their Only Parent
As a single parent, your plate is already full. You’re juggling work, childcare, school activities, and maybe even a bit of “me time” (if you’re lucky!). It’s understandable that estate planning might not be at the top of your to-do list. But let’s face it: one of the biggest worries for single parents is, “What […]
Should Your Healthcare Agent and Power of Attorney Be the Same Person?
In the hustle and bustle of our daily lives, it’s easy to put off estate planning. But as a New York estate lawyer, I can’t stress enough how crucial it is to have your affairs in order, especially when it comes to healthcare decisions and financial management. Two key roles in your estate plan are […]